12 Tax Deadlines for July 15 (It's Not Just the Due Date for Your Tax Return)

Time is running out if you haven't filed your 2019 federal tax return yet. While this year's "Tax Day" was pushed back from April 15 to July 15 to give people impacted by the coronavirus pandemic more time to file a Form 1040, the day of reckoning is almost here. But filing your federal tax return isn't the only thing you should be thinking about on July 15 – it's an important date on this year's tax calendar for plenty of other reasons, too.

You might have to take some action by July 15 if you're saving for retirement or college, have a health savings account, or receive self-employment income. There are other reasons why you might have a tax-related deadline on that day, too. And, of course, overlooking a due date could cost you money – either in additional taxes, penalties, or interest. So, as a quick reminder, here are 12 tax deadlines for July 15 that you don't want to miss. Check them out to see if something unexpected applies to you.

Tax Changes and Key Amounts for the 2020 Tax Year

Read more: https://www.kiplinger.com/taxes/tax-deadline/601038/tax-deadlines-for-july-15

7 Top Robinhood Stocks: Do the Pros Agree?

One of the many stock market phenomena of 2020 has been the rise of the Robinhood trader. The trading app, which has become extremely popular among millennials, boasts 13 million accounts, putting it on par with the likes of Schwab. And given a few stories of its traders making millions virtually overnight, some investors naturally have an interest in following the most popular Robinhood stocks.

It hasn't been all gravy, of course. For every eye-popping Robinhood success, there are many more normalized returns you don't hear about, not to mention deep losses.

And Robinhood, for all of its good in helping bring down trading costs across the board, hasn't been without its share of negative publicity. The app suffered several outages during the bear market, leaving traders unable to act in the midst of massive moves. And the recent suicide of a young trader from Illinois highlighted the dangers of providing access to sophisticated investment methods with little vetting, as well as seemingly "gamifying" investing.

Robinhood investors have nonetheless piqued the curiosity of the broader community. And it's easy to satisfy one's curiosity about their investing habits: Robinhood itself lists the app's most popular stocks at any given time, including how many accounts are invested in each.

Here are seven of the top Robinhood stocks and see whether Wall Street's pros see what these traders see. We ran seven of the app's top 10 names through TipRanks' database to monitor what the analyst community had to say about each.

65 Best Dividend Stocks You Can Count On in 2020 Data and Robinhood popularity stats are as of July 9.

Read more: https://www.kiplinger.com/investing/stocks/601036/top-robinhood-stocks-do-the-pros-agree

Is an Immediate Annuity for You?

With an immediate income annuity, you convert a lump sum into a stream of income that starts almost immediately. Having a guaranteed set stream of income for life provides valuable longevity insurance.

12 Things You Didn't Know About Annuities

Technically, the product is a single premium immediate annuity, or SPIA, because it’s bought with a lump sum. Most often, though, it’s just called an immediate annuity.

The product is still timely despite historically low interest rates. Many retirees and pre-retirees are either tired of volatility or have already pulled funds from the market and are looking for predictable ways to generate guaranteed income for a specific period or a lifetime or joint lifetime. Only annuities can do that. A healthy person today can eliminate the risk of ongoing market volatility and ensure that their savings will last over a very long lifetime.

The disadvantage is that you don’t have access to that money anymore. You’ve traded it in for a contract providing you with income that can last until you (and, optionally your spouse) die. But trading liquidity for guaranteed income brings many people peace of mind.

Many people use immediate annuities to cover their monthly core living expenses not covered by pensions and Social Security. They thus “pensionize” some of their assets to make sure that their core expenses are offset by guaranteed income. Remaining assets can then be placed in other instruments, such as stocks, accumulation focused indexed annuities and mutual funds. Devoting a portion of your portfolio to income production while retaining the balance in growth-oriented investments can be a great allocation strategy.

Here some key questions to ask when considering an immediate annuity.

Do I need more income right now?

If you need more income today or very soon, an immediate annuity can be a great solution, because it takes the risk out of your income stream. But, suppose you don’t need more income until you retire, say, five years from now. In that case, you’d be better off buying a deferred income annuity, with payments starting in five years. That way, you’ll get five more years of tax-deferred compounding in the annuity and bigger payments when you start.

Alternatively, you could buy a five-year

Read more: https://www.kiplinger.com/retirement/annuities/601035/is-an-immediate-annuity-for-you

Stock Market Today: Another Split Market as Jobs Concerns Grow

Thursday was another turbulent day for stocks as the nation's economic picture continued to cloud up. The volume of new unemployment claims declined once again, to 1.31 million last week, but fresh bad news on the jobs front weighed on investors.

Walgreens (WBA, -7.8%), one of just a couple of noteworthy stocks with earnings reports this week, announced it would cut 4,000 U.K. jobs and freeze share buybacks amid weak quarterly results.

21 Stocks Warren Buffett Is Selling (And 1 He's Buying)

Credit Suisse analysts identified signals of trouble a day ahead of the report: "Trends toward the last part of March were particularly soft, as UK Boots sales declined by 65% over the last 10 days of the month. Health & Beauty sales are particularly important for Boots in the UK, and the company saw consumers significantly reduce spending for discretionary items."

Meanwhile, Bloomberg reported that Wells Fargo (WFC, -2.0%) plans to cut thousands of jobs later this year, citing people familiar with the confidential talks.

The Dow declined 1.4% to 25,706, the S&P 500 fell 0.6% to 3,152, and the small-cap Russell 2000 was walloped for a 2% loss to 1,398.

However, the Nasdaq grinded out yet another win, up 0.5% to a record-high 10,547. The tech-heavy composite received help from names such as Amazon.com (AMZN, +3.3%) and Advanced Micro Devices (AMD, +7.2%), as well as Costco (COST, +2.9%), which climbed after reporting a massive 11.5% jump in June comparable-store sales.

How Long Can the Uneven Market Last?

The Nasdaq's stocks extended their yearlong outperformance, delivering 17%-plus gains in 2020 versus a 2% loss for the S&P 500 and nearly 10% declines for the Dow.

But it has increasingly been a lopsided effort.

Consider that on Thursday, even as the Nasdaq finished in the black, 2,264 of its components declined (versus just 1,059 advancers) – a lack of breadth that could be concerning if it persists.

11 Best E-Commerce Stocks for Electrifying Returns

"It does not necessarily matter who leads a bull market on a relative basis, but from a nominal price standpoint we do need to see all or most groups confirming the action forged by any leadership sector," writes Dan Wantrobski, technical strate

Read more: https://www.kiplinger.com/investing/stocks/601034/stock-market-today-070920-uneven-market-nasdaq-highs

Over 50 and Furloughed/Unemployed? Five Actions to Consider Now

Age discrimination exists. It is an unfortunate fact, held up by statistics.

10 Things You Must Know About Filing for Unemployment Benefits

In 2014, the AARP Public Policy Institute's Future of Work@50 sponsored a survey that examined how Americans over 50 had fared since the Great Recession. The resulting study, The Long Road Back: Struggling to Find Work after Unemployment, reported that 50% of older workers who had become unemployed in the prior five years were not working. Of those who did find work, 48% reported earning less than they had with their previous job. And that deficit could be substantial: A discussion paper by the Urban Institute’s Program on Retirement Policy found that re-employed men ages 50 to 61 received a median hourly wage that was 20% less than they had received previously, while men over 62 took a 36% salary cut.

If you’re currently unemployed or furloughed, I suggest that you realistically consider your chances of re-employment. Don’t continue to act (and spend) as if you’ll soon be receiving your former income — even if you’ve been furloughed. “Call it realism or pessimism,” writes Christopher Rugaber of the Associated Press, “but more employers are coming to a reluctant conclusion: Many of the employees they’ve had to lay off in the face of the pandemic might not be returning to their old jobs anytime soon. Some large companies won’t have enough customers to justify it. And some small businesses won’t likely survive at all despite aid provided by the federal government.”

I’m not saying these things to depress anyone — just the opposite, in fact. When it comes to your finances, I believe it’s best to plan for the worst and hope for the best. If you can be OK with a worst-case scenario, you’ll feel even better if the worst doesn’t happen.

To create a plan that can help you get through an open-ended period of unemployment, I suggest you:

Evaluate your financial situation

When considering your finances, assess your condition as if you are not returning to your previous position. What other sources of income do you have? What expenses?  Do you have any benefits available to you? Create a cash flow plan  so that you can see exactly where you are financially, and where you want to be.

Make any nece

Read more: https://www.kiplinger.com/personal-finance/careers/unemployment/601033/over-50-and-furloughedunemployed-five-actions-to

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